Product Description
Advertisers are well-known for targeting teenagers and have a firm reason for doing so: Teenagers spent close to $190 billion in 2006, and that figure is expected to jump to approximately $209 billion by 2011. It seems quite obvious that teenagers know how to spend money, but do they know how to save? Personal financial planning is the process of establishing your own financial goals and finding a way to reach them. It is an ongoing process that involves examining a… More >>
The Complete Guide to Personal Finance: For Teenagers
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If there is a must-read book for young people today, it’s “The Complete Guide to Personal Finance: For Teenagers and College Students” by Tamsen Butler. This book undoubtedly fills in the gaps in the area of managing debt that schools and parents don’t cover. Butler slowly takes the reader from the easy to the more complex areas of debt managment and with each topic gives examples that are in-line with its target audience.
Read Chapter 3: Stashing Your Cash. Then ask your teen or college-age child if they know the difference between a debit card and a credit card, or if they know that a CD is not just a disc that contains music. There is a good chance you’ll receive a shake of the head, which means your job in preparing your child for the real world isn’t over just yet. Most parents, when considering having “the talk” with their child(ren) normally don’t consider financial responsibility as a part of that talk. And it’s a safe bet such topics as comparison shopping for banks and credits union, alternative forms of saving such as money market accounts and CDs, and how interest is compounded for a savings or a credit card account rarely make dinner conversation. Butler’s book covers these topics and more, and constantly reiterates how easy it is to get into debt and the importance of budgeting.
So if you’re unsure on how to approach the subject of finance with your children, purchase a copy of this book but don’t let it be your sole method of educating them on financial reponsibility. Use it as a jumping off point to a more in-depth conversation. Forewarning your children about the pitfalls of reckless spending is forearming them.
Rating: 5 / 5
The Complete Guide to Personal Finance For Teenagers and College Students
By Tamsen Butler
2010 Atlantic Publishing Group, Inc.
Reviewed by Angie Mangino
Rating: 4 stars
The personal finance education Tamsen Butler provides in this guide is not a boring course by any means. This comprehensive book talks to teenagers and college students in a down to earth real life manner, giving them the basics that will capture their interest, and the options to handle their money now. Why is it important to learn how to handle money while young? The good habits learned now will serve throughout life, especially now when there are no firmly established bad habits they would have to unlearn. Handling money well is an important first step to independence.
This book gives the full picture in short, specific case studies, mainly from other teens, but additional from a parent or two, and a financial expert. Learn the difference between needs and want. Find out how to spend, how to save, and what the consequences are of debt. Know about the different types of bank accounts and credit cards. Find out the tactics that marketers use to influence teen spending. Save Smart Tips throughout the guide offer quick advice to help.
A budget begins with the first allowance received, includes money received as gifts, and goes on to when a job increases income. Leaning how to handle money when young begins the path to independence. The concluding glossary of terms and bibliography of other books and websites makes this a valuable reference not only while young, but also helps ensure a better handling of money for a more secure financial future.
Rating: 4 / 5
Where was this book when I was in school? Solid financial advice can be priceless and I’d like to think I would have at least browsed through this little (290 page) book and stored away some of the recommendations in the back of my brain for future use. Saving, saving, saving is stressed throughout the book and Tamsen Butler does an excellent job detailing the advantages of saving and the pitfalls of not saving money – clearly and concisely; defining the needs vs wants theory of spending. She does a great job explaining different types of accounts, and how interest (particularly compounded interest) can work either for or against you. In the section on credit cards Butler even details the `hold’ that credit card companies often put on an account when booking travel, hotels, and some other major expenditures. Something that a lot of adults may not even be aware of.
From kids getting an allowance, to trying to balance a full time job and a college schedule, to the young adult leaving home for the first time, Butler explores various options for setting up a budget, explaining that discipline and self-motivation are key. She uses realistic examples and brief case studies written by real people – from how to afford concert tickets or a new CD to saving for college or a car, to handling your money once you move out and are on your own, including how to use a credit card responsibly.
The author encourages parents to sit down with their kids and have a heart to heart about finances. After all, our first, and probably most lasting lessons about finances come from our families. It’s how we handle money that affects the way our children handle money. Even if we never discuss it, the examples and the visual cues are there. Although written for teens, adults would do well to peruse this book along with their kids. It’s never too late to learn how to handle your money more efficiently.
Rating: 4 / 5
A Complete Guide to personal Finance for Teenagers and College Students by Tamsen Butler provides a clear and invaluable survival tool that should also be read by their parents. Not only does it teach them about the kind of options available, but it also helps them to understand the consequences of their choices.
As someone who worked as a financial counselor for over eight years, I particularly commend her on Chapter 6 (understanding credit and how creditors actually work), and well as Chapter 10 (understanding credit scores and the consequences of identity theft).
I hardily recommend this book and just hope that anyone who gets it not only reads it, but practices what it preaches.
Rating: 5 / 5